With the war in Ukraine causing a range of short and long term issues, with the global economy likely requiring years to recover, Cyprus should shift its focus to the West for investment, particularly when it comes to the real estate market, fintech company WiRE FS CEO Pavlos Loizou said on Monday. “In our view, the age-old strategy of occasionally focusing on specific markets outside of the European Union, with significant profit margins, is over,” Loizou said, stressing that property market professionals should have a more long-term view. Loizou explained that over the past three decades or so, the Cypriot real estate market focused on trying to attract business from the United Kingdom (2000-2008), Russia (2008-2012), China (2012-2017), and the Middle East (2016-2018) dubbing the approach opportunistic, rather than aiming for a more sustainable way to develop the sector. “As it should be in terms of politics, we believe that the time has come to act rationally and turn to...
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